Down one level back to third place is Deutsche Bank’s crew of seven directed by Giovanni de la Rosa in Manila. “Their research has the best breadth and depth,” insists one Singapore-based asset manager. The analysts report on 36 companies and plan to add names this year, de la Rosa says. They upgraded Manila Electric Co. from sell all the way to buy in June, at 236 pesos, largely on valuation. By late April the Pasig City–based power generator’s shares had sizzled to 374 pesos, for a gain of 58.5 percent that outperformed the Philippine Stock Exchange’s PSEi Index by 17.2 percentage points, and they remain buy rated. As the government considers increasing competition among energy providers, Meralco’s vast distribution system gives it an advantage, the analysts believe. — Ben Mattlin |
Country & Regions – Philippines: Third